Common Stock

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Common Stock

Common Stock

The Company’s Certificate of Incorporation, as amended November 9, 2009, authorizes the Company to issue up to 80 million shares of common stock, par value $0.0001 per share, and 100,000 shares of one or more series of preferred stock, par value $0.0001 per share.

A reconciliation of changes in shares of the Company’s common stock issued during the nine months ended September 30, 2016 is as follows:

Shares issued at December 31, 2015	56,220,214
Issued in sale of common stock	2,450,339
Issued to purchase IPI	247,764
Issued as restricted stock award grants	572,240
Issued upon exercise of stock options	114,112
Shares issued at September 30, 2016	59,604,669

Stock Repurchase Program

In November 2012, the Company’s Board of Directors authorized the repurchase of up to $25 million of the Company’s common stock. Repurchases may be made in the open market or through privately negotiated transactions. During the three and nine months ended September 30, 2016, the Company did not repurchase any shares of its outstanding common stock. During the three months ended September 30, 2015, the Company repurchased 2,404 shares of its outstanding common stock on the open market at an average price of $16.44 per share, inclusive of transaction costs. During the nine months ended September 30, 2015, the Company repurchased a total of 549,723 shares of its outstanding common stock on the open market at a cost of $7.3 million, inclusive of transaction costs, or an average price of $13.28 per share.

In June 2015, the Company’s Board of Directors authorized the repurchase of up to an additional $50 million of the Company’s common stock. Repurchases may be made in the open market or through privately negotiated transactions. Through September 30, 2016, the Company has not repurchased any of its common stock under this authorization.

As of September 30, 2016, the Company has $54.9 million remaining under its share repurchase programs. A covenant under the Company’s Credit Facility limits the amount that may be used to repurchase the Company’s common stock. As of September 30, 2016, this covenant limits additional share repurchases to $4.9 million.